Would you consider Bitcoin a Digital Gold? Why Yes or why not?

[savinggrace28]

according to strategist, Tom Lee, Bitcoin is 'digital gold' for millennials and could reach the '$100,000 range,' says strategist Tom Lee.

With the rise and popularity of Bitcoin,it is being viewed as the next big thing in terms of investment,functionality and commodity which drives people interest as day passed. As it is increasingly growing in terms of value and usage, How do you think BTC being considered as Digital Gold? Would you rather keep it or use it? Thanks

[Xavofat]

I feel like this is a very poor justification for price rises. 

Sometimes Bitcoin is regarded as a currency (as suggested in the original whitepaper), but because the price rises and Bitcoin becomes less practical to actually use for regular merchant transactions, people give it a new purpose.

It should really be able to function as both (a useful currency with a limited supply).

It looks like people who invested are now trying to post-justify their investment after finding that BTC is not doing much better now than at the start of the year.

[savinggrace28]

Yes indeed as with the price increase and quick roll back, it would be best if you keep some and then sell some at a certain point of increase. I certainly agree that it should be both be balance as good as investment and good as something you can eventually use for commodity though you can still convert it to cash for a higher price. A lot of news outlet are either overwhelmed with the rise as to the others are also skeptic still with the cryptocurrency.

[ebliever]

I believe when all is said and done, Bitcoin will play the role of "digital gold" (that is, a store of value) while other coins take on the roles of hundreds of other financial niches. This would include everyday purchases as a cash replacement, which might be covered by Litecoin or Dash or several other possibilities.

The problem with wanting it to be digital cash is that there needs to be a digital currency that is widely perceived as a robust store of value first, before cryptocurrency can go mainstream. Right now Bitcoin as the flagship is taking on that role.

So why can't it be both? Basically because there are inherent conflicts between a coin optimized as a store of wealth and a coin optimized for convenience as a cash replacement. For example:

1. Store of value prioritizes security. Cash replacement prioritizes convenience.
2. Store of value = low economic velocity, which boosts value. Cash has a high economic velocity, which degrades its price and thus directly conflicts with the goal of a store of value.
3. Stores of value do not need high TX capacity. A cash replacement does, even if it leads to increased centralization or loss of security or privacy.

This is a glimpse of why I think Bitcoin maximalists are as silly as people who dismiss Bitcoin as a fraud. There will be hundreds of cryptocurrencies needed in the future, each optimized for a greater array of financial niches than most people can imagine.

[jseverson]

People do consider Bitcoin digital gold. There are certain parallels, so it's not hard to see why. They're both mined, which is a ridiculous comparison, but it's true. They're also both insanely valuable. Gold has always been synonymous to value, too.

As for myself, I believe it's just a label. They behave differently and are used differently. It's digital gold in a sense that it's extremely valuable, and that it's a good storage of value. Not much else. I would rather keep it, honestly. It has so much more room for growth that it just seems stupid to use it only for its value to double by tomorrow.

[JamesIV]

Certainly, there are many people buy Bitcoin for the future, they dont trade it in shor-term. So, we can consider Bitcoin is the gold of cryptocurrency

[zeingrind777]

yes, I assume that bitcoin is digital gold because its function is almost equal to gold. in addition can be invested bitcoin can also be mined like gold. and more people are selling trades than being a means of payment.

[blocklancer8]

If I am in doing and dabbling in this bitcoin. Bitcoin I do not fully use to transact. I just take a little for my life and the rest I save as my investment. Because the price is changing a bit difficult for me in doing the transaction.

[Svelto]

Yes, I think BTC is more like a digital gold now. Frankly speaking, I will rather keep BTC than use it because I strongly feel that the price will worth much more in the future than now. So if there is no emergency, I will not touch my BTC.

[SummonKing2]

Yes it is digital gold on the internet. Because it's almost gold as well as those who hold it. Just like gold its price becomes more expensive each passing day. It is considered as assets because when it is stored for a long time its price becomes more expensive.

[nuritdinov]

BTC Gold does not bear any quality losses and does not degrade over time. It is a durable material that exists on the Earth exactly in the quantity in which it was mined initially.

Bitcoins can be destroyed, but for this special conditions should be created during its mining, which so far, fortunately, never happened. However, there is still a risk of losing coins. The media on which Bitcoin data is recorded may be lost, destroyed, etc. Despite the fact that the currency itself exists in a huge number of copies, it is still digital, which determines its dependence on technology and in the long term on technology. In addition, we can not say exactly what will happen to Bitcoin in a few tens or hundreds of years. So far this is only an experiment that the modern generation likes.

The winner in this dispute is gold, because it simply is and the conditions of its existence are also quite simple and understandable.

[Lm2e4]

according to strategist, Tom Lee, Bitcoin is 'digital gold' for millennials and could reach the '$100,000 range,' says strategist Tom Lee.

With the rise and popularity of Bitcoin,it is being viewed as the next big thing in terms of investment,functionality and commodity which drives people interest as day passed. As it is increasingly growing in terms of value and usage, How do you think BTC being considered as Digital Gold? Would you rather keep it or use it? Thanks

Maybe he's right, we can consider it as Digital Gold since the price of bitcoin is incessantly travelling to the extraordinary, with ups and downs. And I also like to keep and use it as the same time. Through use of some strategic movements, because that what makes it more profitable.

[igybadger]

Ultimately, crypto-tokens, including those made by Bitcoin, are a lot more like digital corn than digital gold. Or more accurately yet, they’re like digital checkbooks. Do checkbooks have value? Yes, absolutely. But I wouldn’t recommend stacking pallets of them in your basement.

[Nahl]

most of people invest at gold for long term purposse because gold always be valuable at least for next 100 years but bitcoin still debatable because there is no guarantee bitcoin will survive untill that year too but in bitcoin people tempting to invest at this crypto because they aiming huge profit in the future and possibly to bitcoin still increase for the price and surpassing all time high again several times and i personally not consider bitcoin as gold of digital and only consider bitcoin as digital asset because the future of bitcoin still hard to predicted

[roddy5]

according to strategist, Tom Lee, Bitcoin is 'digital gold' for millennials and could reach the '$100,000 range,' says strategist Tom Lee.

With the rise and popularity of Bitcoin,it is being viewed as the next big thing in terms of investment,functionality and commodity which drives people interest as day passed. As it is increasingly growing in terms of value and usage, How do you think BTC being considered as Digital Gold? Would you rather keep it or use it? Thanks

I think that is the best analogy that we can give to bitcoin. Yesterday when the price of it crossed the $10,000 margin I checked coinmarketcap.com and all of the alt coins are also experiencing the same price increase. So that only means that the pump on bitcoin's price didn't came from alt coins being converted to bitcoin but it was from external investments from new markets.

[sagatel]

I think bitcoin can be compared to gold. Because fever crypto can be compared to gold rush Eldorado. All the people started to buy/get bitcoin.

[Sihab76]

Bitcoin is a favourite online virtual currency. Nowadays many people from many countries accept it as way of income. They use it in many ways such as marketing, shopping 🛍, as remarks as restaurant 🍴. Gold is valuable metal which in universal accepted by all countries  but Bitcoin is a virtual online asset. Which is considered as digital gold of online crypto followers.

[8270thNinja]

He is a strategist, should i believe on this guy? the answer is no, obviously he is just riding up on the fame of Bitcoin and Cryptocurrency, clearly he has no idea on what's going on the cryptoworld. To answer your question, for me no, it is a currency and satoshi created it as a currency and i will consider Bitcoin as a Digital currency, no more no less.

[Pursuer]

yeah bitcoin can function as the digital gold, store of value, .... but at the same time it is a currency and that is w here it gets its real value that bitcoin is capable of keeping it and not just lose it when the speculators leave.
the price rise is also a part of that in my opinion. people invest in bitcoin long term because it is a decentralized currency. otherwise they would claim to be holding long term when they actually dump when the price rises and they fear losing their fiat value.

[wjchong]

Bitcoin is gold in cryptocurrency because Bitcoin is raising and many people get interested in Bitcoin. And the main reason for Bitcoin is gold is its high and increasing value.